Mr. Lewis Black reports

ALMONTY PLACEMENT OF COMMON SHARE UNITS AND CDI'S RAISES C$500,000, US$733,333 AND A$550,000

Almonty Industries Inc. has received firm commitments to raise gross proceeds of $500,000 (Canadian), $733,333 (U.S.) and $550,000 (Australian) through the issuance of 3,333,333 placement units and 1,078,433 million placement Chess depository interest units at 45 Canadian per placement unit, 33 U.S. cents per placement unit and 51 Australian cents per CDI unit.

Each placement unit participant will be issued one warrant for every common share issued and one free unlisted option for every one CDI issued, exercisable at 60 Canadian cents, 45 U.S. cents and 69 Australian cents, respectively, with an expiry date of 36 months from the date of closing.

Lewis Black, the company's chief executive officer, will be investing $500,000 (Canadian), and Daniel D'Amato, a director of the company, will be investing $366,666.63 (U.S.) toward the placement units to be issued.

Proceeds from the placement will be applied toward general working capital and offer costs.

The placement units and placement CDIs issued will rank equally with existing CDIs and common shares on issue.

Mr. Black and Mr. D'Amato will be subscribing for units in the private placement. As such, the issuance of units to insiders pursuant to the private placement is considered a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). As such, the company will rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the private placement by insiders will not exceed 25 per cent of the fair market value of the company's market capitalization.

The closing of the placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the Toronto Stock Exchange and the Australian Securities Exchange.

RM Corporate Finance Pty. Ltd. acted as lead manager to the placement and will be paid a total fee of 6 per cent of the gross proceeds raised from the placement CDIs.

About Almonty Industries Inc.

The principal business of Almonty, based in Toronto, Canada, is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira mine in Portugal, as well as the development of its Sangdong tungsten mine in Gangwon province, South Korea, and the development of the Valtreixal tin/tungsten project in northwestern Spain. Its Los Santos mine was acquired by Almonty in September, 2011, and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January, 2016, and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September, 2015, through the acquisition of a 100-per-cent interest in Woulfe Mining Corp. Almonty owns 100 per cent of the Valtreixal tin-tungsten project in northwestern Spain.

We seek Safe Harbor.